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State Auto Financial Urges Shareholders to Reject Bid.
Knight Ridder/Tribune Business News, September, 2003
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By Barnet D. Wolf, The Columbus Dispatch, Ohio Knight Ridder/Tribune Business News
Sep. 3--State Auto Financial Corp.'s board of directors yesterday urged its shareholders to reject an investor's $32-a-share offer for 8 million shares of the company's stock, calling the bid "illusory'' and "impossible to complete.'' The offer would give the investor, Greg Shepard, control of a majority of State Auto Financial shares not owned by its parent company, State Auto Mutual Insurance Co. Shepard's stake then would be 25 percent of the subsidiary's total shares.
State ...
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